News Release 4Q 2022 3 Seed Summary Seed net sales were $1.6 billion in the fourth quarter of 2022, up from $1.4 billion in the fourth quarter of 2021. The sales increase was driven by a 19% increase in price, partially offset by a 1% decline in volume. Price gains were driven by strong execution globally, as farmers prioritize yield to help offset inflation. Volume declines were driven by lower Pioneer corn deliveries in North America, the war in Ukraine, and the decision to exit Russia, partially offset by strong demand for corn in Brazil. Segment Operating EBITDA was $71 million in the fourth quarter of 2022, up from $(11) million in the fourth quarter of 2021. Price execution and ongoing cost and productivity actions more than offset higher input and freight costs, lower volumes, and increased investment in R&D. Segment operating EBITDA margin improved by approximately 510 basis points versus the prior-year period. 4Q 4Q % % ($
in millions, except where noted) 2022 2021 Change Organic1 Change North America $541 $522 4% 4% EMEA $167 $201 (17)% (10)% Latin America $846 $578 46% 41% Asia Pacific $92 $91 1% 11% Total 4Q Seed Net Sales $1,646 $1,392 18% 18% 4Q Seed Operating EBITDA $71 $(11) 745% N/A Seed net sales were $9.0 billion in 2022, up from approximately $8.4 billion in 2021. The sales increase was driven by a 9% increase in price, partially offset by a 2% unfavorable currency impact. The increase in price was driven by strong execution globally, led by North America and Latin America, with global corn and soybean prices up 9% and 11%, respectively. Volume gains in Latin America corn and North America soybeans were offset by reduced corn acres in North America and supply constraints in North America canola. Enlist E3TM(4) soybean market penetration reached over 45% of total North American acres. Unfavorable currency impacts were led by the Turkish Lira and the Euro, partially offset
by the Brazilian Real. Segment Operating EBITDA was $1.7 billion in 2022, up 10% from the same period last year. Price execution and ongoing cost and productivity actions more than offset higher input and freight costs, the unfavorable impact of currency, lower volumes in North America, and increased investment in R&D. Segment operating EBITDA margin improved by approximately 45 basis points versus the prior-year period. FY FY % % ($ in millions, except where noted) 2022 2021 Change Organic1 Change North America $5,178 $5,004 3% 4% EMEA $1,609 $1,599 1% 13% Latin America $1,758 $1,420 24% 22% Asia Pacific $434 $379 15% 23% Total FY Seed Net Sales $8,979 $8,402 7% 9% FY Seed Operating EBITDA $1,656 $1,512 10% N/A
News Release 4Q 2022 4 Crop Protection Summary Crop Protection net sales were approximately $2.2 billion in the fourth quarter of 2022 compared to approximately $2.1 billion in the fourth quarter of 2021. The sales increase was driven by a 7% increase in price, partially offset by a 2% unfavorable currency impact and a 1% unfavorable portfolio impact. The increase in price was broad-based, with gains in all regions led by Latin America and North America, and mostly reflected pricing for higher raw material and logistical costs and the value of our differentiated technology. Continued penetration of new products was more than offset by wet weather and low pest pressure in Asia Pacific and drought conditions in Latin America. Unfavorable currency impacts were led by the Euro, partially offset by the Brazilian Real. The portfolio impact was driven by a divestiture in Asia Pacific. Segment Operating EBITDA was $332 million in the fourth
quarter of 2022, up 9% from the fourth quarter of 2021. Price execution, favorable mix, and productivity actions more than offset higher input costs, including raw material costs, and the unfavorable impact of currency. Segment operating EBITDA margin improved by more than 60 basis points versus the prior-year period. 4Q 4Q % % ($ in millions, except where noted) 2022 2021 Change Organic1 Change North America $931 $839 11% 12% EMEA $195 $220 (11)% 3% Latin America $835 $764 9% 7% Asia Pacific $218 $264 (17)% (7)% Total 4Q Crop Protection Net Sales $2,179 $2,087 4% 7% 4Q Crop Protection Operating EBITDA $332 $305 9% N/A Crop Protection net sales were approximately $8.5 billion in 2022 compared to approximately $7.3 billion in 2021. The sales increase was driven by an 11% increase in price and a 9% increase in volumes. These gains were partially offset by a 3% unfavorable currency impact. The increase in price, led by North America and Latin America,
mostly reflected pricing for higher raw material and logistical costs and the value of our differentiated technology. The increase in volume was driven by continued penetration of new products, including EnlistTM and ArylexTM herbicides and IsoclastTM insecticide, with new product sales up 33% compared to the same period last year. Unfavorable currency impacts were led by the Euro and the Turkish Lira, partially offset by the Brazilian Real. Segment Operating EBITDA was $1.7 billion in 2022, up 40% from 2021. Pricing and volume gains and productivity actions more than offset higher input costs, including raw material costs, and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 330 basis points versus the prior-year period largely driven by pricing execution and new and differentiated technology. FY FY % % ($ in millions, except where noted) 2022 2021 Change Organic1 Change North America $3,116 $2,532 23% 24% EMEA
$1,647 $1,524 8% 22% Latin America $2,687 $2,125 26% 24% Asia Pacific $1,026 $1,072 (4)% 4% Total FY Crop Protection Net Sales $8,476 $7,253 17% 20% FY Crop Protection Operating EBITDA $1,684 $1,202 40% N/A